Shipyards in Korea took market share from Chinese yards in 2011 South Korean yards took market share from Chinese yards in 2011 according to a recent report in the Danish Ship Finance Review. South Korea secured new orders of 13.5 million cgt Korean yards secured almost half of the contracted capacity (13.5 million cgt). Container and Tanker orders accounted for 85% (6 million cgt and 5 million cgt respectively). South Korea therefore maintains the position as the leading global builder of Containers and Tankers. But South Korean yards also added to their market position in the specialized tonnages. For example, orders of 1 million cgt were placed for Drillships in 2011. European owners signed 60% of the orders placed in South Korea during 2011. The order cover dropped on average 14% to 28 months in 2011. Chinese yards struggled to keep pace with their South Korean peers. In 2011, Chinese yards received new orders of 9.5 million cgt (19.5 million cgt in 2010) – primarily Dry Bulk tonnage, which accounts for 60% of the Chinese orderbook. Two thirds of all new orders were placed on behalf of Chinese or European owners. The order cover of Chinese yards dropped, on average, 17% to 28 months in 2011.
The European Union on Wednesday blamed low prices offered by South Korean shipyards for the depression in the world shipbuilding market and accused Korea of pricing ships at below cost. A report by the EU's executive Commission found the world shipbuilding market continued to face serious difficulties. "Supply still outstrips demand and there are few indications that this situation may improve," the Commission said
South Korean shipyards won shipbuilding orders of 4.2 million compensated gross tons (CGTs) during the first half of this year, down 36.9 percent from a year ago, the Commerce Ministry said on Wednesday. The orders in dollar terms amounted to $6.8 billion in the period, down 25.4 percent from the previous year, the ministry said in a statement. CGT shows a country's shipbuilding capacity and factors in manpower and added value.
European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level officials from the EU and Korea will discuss the hottest trade issue between the two parties from May 28-30 in Seoul," said Seoul's Commerce Ministry in a statement. Earlier in the month, European Trade Commissioner Pascal Lamy met South Korean Commerce Minister Hwang Doo-Yun to discuss the EU executive's threat to start a
Athens, Greece – Tsakos Energy Navigation Limited announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers. Discussions for long-term contracts have begun
UK's Martek Marine wins large orders for its MariNOx Evolution™ on-board emissions monitoring and engine efficiency system. The orders, amounting to more than US$1-million, are from Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries. Amongst the seven orders is the world’s largest and most complicated emissions monitoring system ever to measure SOx, NOx, CO2, CH4, NO2, THC, H2S, Benzene and N20.
Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.
STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners
Lloyd's Register’s teams in China and Korea have established a strong position in terms of ships ordered in 2010 which will be built to Lloyd’s Register class. Lloyd’s Register’s share of 2010 orders is, respectively, 29.6% in China and 28.3% in Korea.* While orders are from traditional areas of strength such as Greece, the continued expansion of shipowning in Asia is also driving demand.
Classification society ABS held series of LNG carrier seminars on design & safety in Athens, Doha & Limassol ABS, provider of classification services to the global offshore industry, has delivered a series of seminar addressing developments in the construction and design of liquefied gas carriers. Events were held in Doha, Qatar; Athens, Greece; and Limassol, Cyprus. “As liquefied natural gas (LNG) becomes a more attractive fuel for power generation
Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.
AET, an owner and operator of petroleum tankers, has signed contracts worth approximately $500 million combined for the construction of eight new vessels. AET on Tuesday contracted Korean shipbuilder Samsung Heavy Industries Co Ltd (SHI) for four 113
Hyundai Heavy Industries has temporarily shut one of its two factories making offshore oil rigs - Onsan plant in South Korea - due to downturn in the global oil and gas industry. The closure Onsan underscores the dire state of the country’s big shipbuilders as
The worst dumper prize goes to IDAN OFER, son of shipping magnate Sammy Ofer. Idan Ofer owns QUANTUM PACIFIC GROUP and has a controlling stake in Israel’s largest publicly traded company, ISRAEL CORPORATION. Combined
One person was killed and the fate of more than 50 others was unknown after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region officials said on Monday. "When the fish were being hauled in, the vessel was hit by a wave
More than 50 people remain missing a day after a South Korean fishing vessel sank in the Bering Sea off the coast of Russia's far eastern Chukotka region as severe weather conditions hampered a rescue operation, officials said on Tuesday.
On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction of two suezmax tankers to be delivered in the third quarter 2016 and first quarter 2017. The final documents were signed December 19, 2014
Russian Maritime Register of Shipping (RS) has signed an agreement with South Korean yard Samsung Heavy Industries Co. LTD for design approval and survey under construction of a new series of 42,000 dwt Arctic shuttle oil carriers (project 42К Arctic Shuttle Tanker).
Japanese market players ramp up their design efforts for fuel-efficient engines to challenge Korean yards as demand for super-cooled fuel is set to soar, says a report in South China Morning Post. A total of 50 to 60 LNG ships annually are forecast to be delivered globally in
Hamburg Süd christened its third container vessel in the new San class yesterday, officially naming newbuild San Vicente at the Cuenca del Plata terminal in Montevideo. The new ship class in the Hamburg Süd fleet has a nominal container slot capacity of around 9
Germany's family-owned Meyer Werft shipyard is buying the Finnish state out of Turku shipyard in southwestern Finland, the government said on Wednesday. Meyer Werft and the government last year bought the troubled shipyard from Korean trade and ship corporation STX
The 120,000 dwt. tankers, Eagle Barents and Eagle Bergen, delivered from Samsung Heavy Industries (SHI), are fitted with Class and Flag State approved exhaust gas cleaning systems (EGCS) provided by Clean Marine. Measurements of exhaust gas emission and washwater criteria are well below the
South Korean shipbuilder Samsung Heavy Industries Co. as won a 5.2 trillion won (US$4.7 billion) order to build three floating liquefied natural gas (FLNG) facilities, reports Yonhap. Under the deal with the Netherlands-based Shell Gas & Power Developments B.V
Port of Busan aims to handle 13 million TEU of trans-shipment cargo by 2020 ranking it number two in the world. A long-term vision and strategy to develop the Port of Busan into a global transshipment hub port has been announced by the Korean Ministry of Ocean and Fisheries together
A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on sulfur emissions garner retrofit and rush orders. Even China’s Directive 55 obliges its mixed bag of yards to